Press Releases

Global Market for Electric Motors in Drones and Vehicles to Reach $9.4 Billion by 2023

August 29, 2018

WELLESLEY, Mass., Aug. 29, 2018 – Due to miniaturization in engine technologies, passing regulations for drone usage from the FAA (Federal Aviation Association) and the emergence of battery-powered plug-ins for automobiles, the global market for electric motors is advancing, according to a new report from BCC Research.

Alongside the advances within passenger vehicles, electric motors can also be found in scooters and buses, as well as various niche products. Industrial electric vehicles (EVs) remain a significant market. State-of-the art batteries have enabled a growing niche market for trucks, buses, small electric scooters and Segway-type vehicles.

Research Highlights

North America is the largest market for electric motors in terms of projected monetary value ($3.6 billion by 2023). Europe followed in second, being valued at $3.0 billion.

The electric vehicle market is being driven by regulatory and economic initiatives to reduce usage of carbon-dioxide-producing internal combustion engines.

At $522.0 million in 2017, the Asia-Pacific region is the fastest-growing adopter of electric motors for drones and electric vehicles. It will have a CAGR of 15.8% by 2023.

“Though electric vehicles have been commercially available for more than 100 years, the advent of hybrid electric vehicles in recent years ushered in an era of battery-powered plug-ins that could be recharged by the vehicle’s internal combustion engine as well as a battery charger plugged into utility electric power,” said Michael Sullivan, BCC Research senior editor and author of this report. “These trends demonstrated the practicality of electric motors and are paving the way for electric-only automobiles and self-driving or autonomous vehicles. Although these vehicles will not be predominant within the five-year scope of this report, they will eventually become a large (or possibly the largest) user of electric motors.”

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.